Forbes Names Nigerian Billionaire Dangote as Africa’s Richest
- Nigerian billionaire Aliko Dangote has reclaimed his title as Africa's richest man and revolutionized the continent's energy industry
- Forbes currently estimates his net worth to be $23.9 billion, largely due to his 92.3 percent stake in the refinery
- By causing a stir in the world energy market, the refinery is further enhancing Dangote's standing outside of Nigeria
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Aliko Dangote, a Nigerian billionaire, has recaptured his position as the richest man in Africa and transformed the continent's energy sector about a year after his $20 billion Dangote Oil Refinery went online.
Source: Getty Images
His 92.3% interest in the refinery is a major factor in Forbes' current assessment of his net worth of $23.9 billion. This solidifies his position as one of the leading corporate leaders in the world and places him ahead of South African billionaire Johann Rupert.
The refinery is raising Dangote's reputation even more outside of Nigeria by creating ripples in the global energy market.
The difference between Forbes' most recent valuation and Bloomberg's estimate is still present, but it is closing. Bloomberg, which was the first to account for Dangote's refinery ownership, valued his fortune at $27.8 billion in October 2024.
Billionaire.africa reported that the amount has recently increased to $28.2 billion, of which the refinery has been given $18.2 billion by Bloomberg. With a more conservative outlook, Forbes estimates that the identical stake is worth $13.3 billion.
Even though the figures vary, Dangote is still the richest individual in Africa, coming in at number 86 on Forbes' list of billionaires. He currently outperforms well-known Black billionaires in the United States, like Robert F. Smith, founder of Vista Equity Partners, and David Steward, creator of World Wide Technology. Forbes had predicted earlier this year that both guys were wealthier than Dangote.
Africa's gasoline market has been completely upended by the Dangote Refinery, which is at the heart of this revival. Situated on a Lagos peninsula six times the size of Victoria Island, the refinery is a component of the Dangote Petrochemical Complex, which also houses one of the biggest fertilizer factories in the world.
It's still difficult to get enough crude oil, even as production increases. According to Edwin Devakumar, the refinery's head, the plant is now running at 85% and might achieve full capacity in 30 days.
Dangote is building eight new crude storage tanks, four of which are almost finished, in order to guarantee steady operations. When completed, these upgrades will increase the refinery's storage capacity to 3.4 billion liters, a 41.67 percent increase.
The refinery is already leaving its impact on international markets in spite of obstacles. In addition to aiming for further involvement in Angola's refining industry, it has started selling diesel and aviation fuel to Cameroon, Angola, Ghana, and South Africa.
The refinery recently sent more than $1.7 trillion worth of jet fuel to Saudi Aramco, the largest oil producer in the world, demonstrating its expanding global relevance.
South African Billionaire Solidifies Status
Earlier Legit.ng reported that Aliko Dangote's net worth has dropped further, causing him to fall even further behind South Africa's Johann Rupert on the list of the richest people in Africa.
According to Forbes, Dangote lost $95 million on Friday, January 24, bringing his net worth down to $10.7 billion.
His rival, Johann Rupert, continued to amass more wealth as he made $76 million on Friday to push his net worth to $13.6 billion.
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Source: Legit.ng
